Over the past months, we have seen continued progress on the Framework within our businesses. We have increased certainty on our operating cash flow with several actions and distributed $3 billion to shareholders. But focusing our portfolio also means that we will consider strategic acquisitions and divestures. We will add assets that strengthen our portfolio or increase our market access. And we will divest or realign assets if someone else has more synergies and we believe we can capture that value for our shareholders with a minimum of friction in transaction costs.

On June 2, 2016, we closed on the realignment of our interest in Dow Corning, which represents a significant milestone in delivering on our strategy. As we announced in December, we exchanged Corning’s 50% interest in Dow Corning Corporation for a subsidiary that now holds 40.25% ownership in Hemlock Semiconductor and approximately $4.8 billion in cash. The $4.8 billion is approximately 30X the equity earnings from Dow Corning’s silicones business. The freedom to redeploy that capital is a tremendous value driver for our shareholders.

Retaining our interest in Hemlock has several additional benefits. First, we expect equity earnings and dividends and the potential for growth when the solar market recovers from its trough. Next, it provides complementary products and market access opportunities. Retaining our interest also allows us continued relationships with leading specialty chemicals players. Lastly, it provides increased market visibility and access for our semiconductor innovation programs.

When we announced the Strategy and Capital Allocation Framework, we talked about our sources of capital and how we intended to deploy greater than $20 billion of cash through 2019. As a consequence of our progress since October, we are now updating the capital allocation model we announced in October.

Operating Cash Flow and Potential Transaction Contributions – Operating cash flow has been consistent with our expectations since October, but the aggregate expectation drops by $800 million as we will no longer receive dividends from Dow Corning’s silicones business. And we now know that the cash impact of “potential” transactions will be at least the $4.8 billion contribution from the Dow Corning transaction.

2015 Year-End Balance Sheet -- Our actual cash at the end of 2015 was $4.6 billion, a bit higher than we initially expected.

Total Funds Available - Putting it all together, our total funds available rise to $26 to 30 billion from $22 to 26 billion.

Distribution to Shareholder -- We continue to plan to invest approximately $10 billion in growth and sustained leadership, but now plan to distribute more than $12.5 billion to investors, up from more than $10 billion.

By delivering more than $12.5 billion to shareholder over this period, our plan to invest $10 billion becomes even more valuable as we increase the benefit to shareholders of the future value of our growth. Corning has a long track record of recognizing and capturing growth opportunities – especially disruptive opportunities. Every one of our five market-access platforms began with a disruptive innovation and we have leveraged those to build valuable relationships, brands, and insights. But we’re not done. Today, we’re leveraging each of our market access platforms to seize more opportunities for disruptive innovation and growth.

In summary, we are making solid progress delivering on our framework and see an exciting future for Corning.